As the market participants are aware, performance of Australian markets is sensitive to the health of global economy and performance of global stock markets. However, the stock markets of Australia can also be affected by overall performance of Australian economy. Let us now have a look at the performance on 1st November 2019.
At the close of trading session, S&P/ASX200 settled in the green zone, as the index witnessed a rise of 0.1% or 5.7 points and reached at 6669.1. On the same trading day, All Ordinaries also closed in green at 6779.1, which implies a rise of 6.2 points. Let us now have a look at the stocks which ended in green on the ASX.
On 1st November 2019, New Hope Corporation Limited (ASX: NHC) ended the trading session at A$2.270 per share, reflecting an increase of 6.573%. In the same trading session, CSR Limited (ASX: CSR) closed the trading session at A$4.330 per share, an increase of 4.589% on an intraday basis.
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A Recent Update on New Hope Corporation Limited
New Hope Corporation Limited (ASX: NHC) welcomed the decision of the Queensland Court of Appeal, dismissing the Appeal of Oakey Coal Action Alliance and granting orders requested by New Acland Coal Pty Ltd. The company stated that there is no further barrier to the Queensland Government for giving final approvals for the New Acland Coal Mine Stage 3 Project. It added that this is good news for the company as well as the local community in which the project is located.
The company further stated that the New Acland Stage 3 Project is anticipated to generate $7 billion in economic activity over the estimated 15-year life.
A Notable Rise in 1H FY20 NPAT for CSR: A Quick Look
On 1st November 2019, CSR Limited (ASX: CSR) updated the market with its half year ended 30th September 2019 (1H FY20) results, wherein it reported statutory net profit after tax (NPAT) amounting to $68.8 million with a rise from $26.8 million in the pcp which included impairment charges from the Viridian Glass business. The company reported Building Products EBIT amounting to $95.9 million, reflecting a fall of 18% due to slowdown in residential construction activity, which impacted performance in 1H.
The board of the company declared an interim dividend amounting to 10.0 cps along with a special dividend of 4.0 cps (both franked to 50%). It was further stated that special dividend takes into consideration the robust cash flow as well as financial position whilst delivering the available franking credits to the shareholders.NHC Daily Technical Chart (Source: Thomson Reuters)